NMU FY 2014-15 Operating Budget Shrinking
Northern Michigan University
Marquette, MI – (Great Lakes Radio News) – Northern Michigan University will be operating with a smaller budget over the next fiscal year.
The NMU Board of Trustees has approved a 2014-15 general fund operating budget of nearly $108 million, which marks a a 2.4 percent funding decrease from last year.
Gavin Leach, Vice President for Finance and Administration said the reduction is necessary because of a projected drop in tuition revenue due to an expected enrollment drop as well as increased university operational expenses.
He added that an across-the-board increase in funding to Michigan’s public universities and a successful faculty early retirement incentive program will help the university’s balance sheet, but it isn’t enough to counter the overall loss.
Thirty-six NMU faculty members applied for the ERIP. Some of the savings from that program will be utilized as budget reductions or reinvested in key academic areas.
Like and Share with your friends